TY - JOUR
T1 - The Derivatives Revolution After Thirty Years
JF - The Journal of Portfolio Management
SP - 10
LP - 15
DO - 10.3905/jpm.1999.319701
VL - 25
IS - 5
AU - Miller, Merton H.
Y1 - 1999/05/31
UR - http://jpm.iijournals.com/content/25/5/10.abstract
N2 - The growth of derivatives of all kinds, exchange-traded as well as over-the-counter deals, has been phenomenal during the last thirty years. Derivatives have grown because they have offered a cheap way of managing the risks that have plagued businesses for decades, if not centuries. The emergence of the whole new derivatives industry should be particularly gratifying to academics because academic research, so often derided as useless and impractical, has played such a major role in its development.
ER -